Mala, Neela and Kala were in partnership sharing profits in the ratio of 7 : 2 : 1 and the Balance Sheet of the firm as at 31st March, 2023 was:
Mala, Neela and Kala were in partnership sharing profits in the ratio of 7 : 2 : 1 and the Balance Sheet of the firm as at 31st March, 2023 was:
| Liabilities | ₹ | Assets | ₹ |
| Capital A/cs:
Mala Neela Kala Creditors Reserve for Depreciation of Plant |
12,410
8,650 80,620 11,210 20,000 |
Building
Plant Goodwill Softwares Stock Debtors Bank Patents |
20,000
31,220 10,000 12,400 11,240 8,740 1,210 38,080 |
| 1,32,890 | 1,32,890 |
It was agreed to dissolve the partnership as on 31st March, 2023 and the terms of dissolution were:
(a) Mala to take over the Building at an agreed amount of ₹ 31,500.
(b) Neela, who was to carry on the business, to take over the Goodwill, Stock and Debtors at book value, the patents at ₹ 30,000 and Plant at $ 5,000. He was also to pay the creditors.
Show Ledger Accounts recording the dissolution in the books of the firm.
[Ans.: Loss on Realisation – ₹ 15,200; Mala brings in ₹ 29,730; Neela brings in – ₹ 48,160; Kala receives – ₹ 79,100.]
Anurag Pathak Changed status to publish July 31, 2023
